City Council to offer Transcraft ‘lease-to-own’ option on Superior Walls building
by Franklin Clark, Reporter -- fclark@cadizrecord.com
Jun 27, 2012 | 5 5 recommendations | email to a friend | print
<i>Franklin Clark/Cadiz Record<p>
The Cadiz City Council is proposing a "lease-to-own" agreement to Transcraft International for the former Superior Wall building (above).</i>
Franklin Clark/Cadiz Record

The Cadiz City Council is proposing a "lease-to-own" agreement to Transcraft International for the former Superior Wall building (above).

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<i>Franklin Clark/Cadiz Record<p>
The Cadiz City Council wants to lease the former Superior Walls building to Transcraft International (Cadiz location pictured above).</i>
Franklin Clark/Cadiz Record

The Cadiz City Council wants to lease the former Superior Walls building to Transcraft International (Cadiz location pictured above).

slideshow
<i>Franklin Clark/Cadiz Record<p>
Cadiz City Attorney Allen Wilson (left) discussed the "lease-to-own" agreement as Cadiz Mayor Lyn Bailey (right) and Cadiz City Council members listened last week.</i>
Franklin Clark/Cadiz Record

Cadiz City Attorney Allen Wilson (left) discussed the "lease-to-own" agreement as Cadiz Mayor Lyn Bailey (right) and Cadiz City Council members listened last week.

slideshow
The Cadiz City Council wants to offer Transcraft International what Cadiz City Council member Manuel Brown called a “lease-to-own” agreement, which would allow that company to own the former Superior Walls building in four years.

At a special called meeting last Tuesday evening, Brown, who chairs the city’s Finance Committee, made a motion – which Cadiz City Council member Todd King seconded – to offer to sell the building, located at 44 Industrial Drive, to Transcraft for $165,000 per year over the next four years. Brown added that they plan on leasing it at a rate of $2.75 per square foot.

After some 30 minutes of discussion, all six Council members voted for the offer.

“At the end of the agreement, Transcraft would actually purchase the building and own the building,” said Cadiz City Attorney Allen Wilson. “And the City of course would have no more ownership interest in the building.”

The total cost to Transcraft would end up being $660,000. At a special called meeting in mid-May, Cadiz City Clerk Lisa Rogers said the city bought the building and the lot for $550,000 from owner Jimmy Carr earlier this year.

For the rest of this story, see this week's issue of The Cadiz Record or subscribe to our e-Edition by calling 270-522-6605.
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